Claims Effectiveness Becoming More Important To Property/Casualty

Hartford, Conn. - Claims effectiveness is fast becoming a differentiating competitive feature among property/casualty companies as new measurement and process controls change the way claims are quantified, according to a new study by Hartford, Conn.-based Conning Research & Consulting Inc.The study, "Property-Casualty Claims Management: Unlocking Value" is based on a survey of senior property/casualty claims executives and on statutory data analysis. It examines changes in the insurance environment, and particularly in claims, including technology, staffing, outsourcing, regulatory and catastrophe issues.

According to the study, property/casualty insurers in the United States will pay out an estimated $300 billion net in claims (including case incurred losses and loss adjustment expenses) during 2006. And, incurred losses are expected to approach $330 billion in 2007, on a calendar-year basis.